If MicroStrategy doesn’t go through another round of a blow-up crisis, the bear market can’t run its full course.

Today, Saylor posted to reassure the situation: $BTC is operating normally, and Strategy is also doing fine.

The largest long-position liquidator has no liquidation risk, so panic selling can’t be completely flushed out. Only by waiting for MicroStrategy to face a forced sell-off of $BTC —completing the final round of capital purification—can the bear market bottom be truly confirmed.